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  "documentTitle": "e.l.f. Beauty, Inc. (ELF)",
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  "presentationDate": "2024-11-20 00:00:00",
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  "notes": "Includes a transcript excerpt from a former ELF Shanghai manager.",
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      "text": "ELF's Claimed Q2 FY24 Sourcing Change is Likely False, Rendering Inventory Accounting Unreliable",
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      "text": "In Q2 FY24, ELF attributed $36.9 million of the increase in reported inventory to its purportedly new practice of taking title to goods in China, rather than upon delivery to its warehouse in California.",
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      "text": "Below is an excerpt of the conversation with the former ELF Shanghai manager:",
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      "text": "A: '[Product sales to ELF are] generally speaking, that's [Incoterms: Ex-Works (\"EXW\")], namely that the manufacturers provide a price to ELF only covering the product, production, etc... 'Ex-works' means just the factory door, the factory gate.'",
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      "text": "A: \"[Product sales to ELF are] generally speaking, that's [Incoterms: Ex-Works (\"EXW\")], namely that the manufacturers provide a price to ELF only covering the product, production, etc. That's the commercial language. And sometimes elf will request the FOB, freight on board, to cover the shipment risk. But generally speaking, elf, they will cover all this, to US, but for the manufacturers, they are only responsible for the product production... 'Ex-works' means just the factory door, the factory gate.\" — Former ELF Shanghai manager",
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